What to do with large sum of cash whilst waiting to find a house to buy

corballysam

Hi everyone

Am new here.

Have just had divorce partial settlement through which amounts to over 75k cash. :j Whilst waiting for a property to sell to add the funds together to buy a home I am not sure what to do with it....

Have just opened a santander 123 current account which will pay 3% on 20k of it. I don't have any isa or other savings accounts.

Naturally I do not know how long I will have to wait until the property sells so I don't want to tie it up and not have access to withdraw it. I need to get the maximum interest I can. Would appreciate advice please.....

jamesd

When the property money comes through it's worth knowing that you have six months of one million Pounds FSCS protection from the day of deposit for divorce and property sales money.

missile

Nationwide and TSB both pay 5% on current accounts.

AndyT678

missile wrote: »

Nationwide and TSB both pay 5% on current accounts.

And what would you recommend for the remaining £70k+?

OP: There are many current account and regular savers that will offer good rates of interest (3%+) but doing that will require you to open many accounts and setup DDs etc... This can deal with up to about £50k and there are many threads on here about where to get the accounts. Whether the hassle is worth it will depend on your attitude towards doing all that and how long you're planning to leave the money as cash. If it's only a few months I wouldn't bother.

The simpler approach is easy access savings accounts such as Kent Reliance or BM or for total safety, NS&I.

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest